Alkaline Water Company (WTER) Reports Q1 Revenue

The Alkaline Water Company Inc. (NASDAQ: WTER) today announced its results for the quarter ended June 30, 2023 that continue to show the execution of its pathway to profitability. The Company reported a net loss of ($2,840,938), a 62% improvement year-over-year with net loss per share improving by 71% year-over-year. The corresponding Form 10-Q will be filed with the SEC on or before September 25, 2023, and can be accessed on the investor relations section of the Company's website at ir.theAlkalinewaterco.com.

The Company, the proud producer of Deliciously Smooth™ Alkaline88®, one of the nation’s best-selling alkaline water brands, provides certain financial highlights and management commentary:

First Quarter of Fiscal 2024 Financial Performance (all amounts in U.S. dollars):

• Revenue: Down 8% Year-over-Year (YoY) to $15 MM.
• Gross Profit Margin: Improved by 733 basis points YoY to 25%.
• Total Operating Expenses (OpEx): Decreased by over $3 million YoY.
• Net Cash Used in Operating Activities: Improved 84% YoY, from ($2.5MM) to ($408K).

“During the first quarter of our fiscal year 2024, we continued to show strong improvement in our operating results as we execute our previously detailed pathway to profitability,” stated Frank Chessman, President and CEO of The Alkaline Water Company. “This achievement, highlighted by our 733 basis point improvement in gross profit margin, reflects the strength of the Alkaline88® brand, the hard work of our team, and the loyalty of our customers. I am also pleased to report that the Company is now current with all of its filing requirements with the SEC, and certain internal improvements have been implemented to ensure timely filings going forward,” concluded Mr. Chessman.

Note on Reverse Split:

Effective April 5, 2023, The Company effected a one for fifteen reverse stock split of its authorized, issued and outstanding shares of common stock. As a result, the Company’s authorized common stock has decreased from 200,000,000 shares of common stock, with a par value of $0.001 per share, to 13,333,333 shares of common stock, with a par value of $0.001 per share, and the number of issued and outstanding shares of common stock has decreased from approximately 152,149,661 to approximately 10,185,898. Any fractional shares resulting from the reverse stock split were rounded up to the next nearest whole number.

Accordingly, all share and per-share amounts referenced above for the current period and prior periods have been adjusted to reflect the reverse stock split.

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